Eventos Relevantes
FECHA: 26/07/2016
BOLSA MEXICANA DE VALORES, S.A.B. DE C.V., INFORMA:
CLAVE DE COTIZACIÓN
GENTERA
RAZÓN SOCIAL
GENTERA, S.A.B. DE C.V.
LUGAR
Ciudad de México
ASUNTO
GENTERA S.A.B. de C.V. (BMV: GENTERA*) announced today non-audited consolidated financial results for the second
quarter period ended June 30, 2016.
EVENTO RELEVANTE
GENTERA
REPORTS 2Q16 RESULTS
Mexico City, Mexico - July 26, 2016 - GENTERA S.A.B. de C.V. ("GENTERA" or "the Company") (BMV: GENTERA*) announced
today non-audited consolidated financial results for the second quarter period ended June 30, 2016. All figures were prepared in
accordance with requirements from the National Banking and Securities Commission (CNBV) and are expressed in nominal
Mexican pesos (Ps.).
2Q16 Highlights:
-
Total Loan Portfolio reached Ps. 30,220 million, an 18.5% increase compared with 2Q15.
Loan Portfolio per subsidiary was distributed as follows:
-
Banco Compartamos S.A. I.B.M. (Mexico) (Banco Compartamos) reached Ps. 23,492 million, a 14.7% increase versus 2Q15;
Compartamos Financiera (Peru) at Ps. 6,304 million, a 32.8% increase versus 2Q15; and
Compartamos S.A. (Guatemala) was Ps. 424 million, 54.0% higher compared with 2Q15.
- Net Income for the second quarter was Ps. 1,054 million, a 55.0% increase compared with the Net Income of Ps. 680 million
achieved in 2Q15.
-
NIM stood at 56.5%, compared with 58.4% in 2Q15.
-
ROE stood at 29.5%, compared with 22.6% during 2Q15.
-
ROA reached 11.2%, compared with 8.7% in 2Q15.
-
Non-performing loans (NPLs) for 2Q16 were 3.42%, compared to 3.04% in 2Q15.
-
Efficiency ratio for 2Q16 was 64.1%, compared to 70.9% reported in 2Q15.
- YASTAS1 executed more than 1.3 million financial transactions during the quarter, 4 times the number of financial
transactions executed in 2Q15.
-
ATERNA2concluded the quarter with more than 5.2 million active life insurance policies throughout its operations in Mexico,
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Peru and Guatemala.
- INTERMEX3 with more than 1,200 affiliates executed more than 1.1 million transactions, representing more than Ps. 5,300
million pesos.
- At the close of the second quarter, 834,999 shares were repurchased through the Company's share buyback program
established on April 20, 2016.
- At the end of 2Q16, more than 10,000 employees participated in volunteer activities and programs in various communities;
and over 50 thousand people benefited from GENTERA's Corporate Social Responsibility programs; the Company invested
approximately 26.9 million Pesos in these programs.
1 GENTERA's correspondent network manager / 2 GENTERA's micro-insurance broker/ 3 GENTERA's remittances company
Comments from Mr. Carlos Labarthe, GENTERA's President & CEO:
GENTERA concluded the second quarter of the year, with strong enthusiasm and motivation by its performance during these 3
months. At the end of the period, GENTERA's financial subsidiaries, Banco Compartamos Mexico, Compartamos Financiera in
Peru, and Compartamos S.A. in Guatemala, served nearly 3.3 million clients with its group and individual lending methodologies.
This brought the loan portfolio to a total of Ps. 30,220 million, a solid growth of 18.5% on a year-on-year basis while net income
stood at Ps. 1,054 million, increasing 55.0% compared with 2Q15.
Regarding its subsidiaries, ATERNA, YASTAS and INTERMEX, all of them are performing in line with the plan for the year and
with a very strong evolution. ATERNA concluded the quarter with more than 5 million active life insurance policies and YASTÁS
ended the quarter with more than 2,100 affiliates, which executed more than 1.3 million financial transactions; and finally, Pagos
INTERMEX, our newest subsidiary paid 1.1 million remittances, representing more than $5,300 million pesos.
As you can see, these results are promising and encourage us to keep working hard in the second half of the year to achieve
greater financial inclusion and create shared value.
Results of Operations
Financial Results and Economic Indicators
* Employees in Mexico include Banco Compartamos,ATERNA, YASTAS and INTERMEX.
Compartamos Financiera (Peru) is reported under Mexican GAAP.
Income Statement
The following financial results analysis is based on consolidated figures.
Interest income reached Ps. 4,825 million, a 15.5% increase compared with 2Q15, due to solid portfolio growth and the new
portfolio mix.
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Banco Compartamos represents most of GENTERA's current portfolio and interest income, with approximately 77.7% and
87.7%, respectively.
As previously mentioned, the Company's three main subsidiaries grant loans that vary in terms of the average outstanding
balance per client (Ps. 8,147 for Banco Compartamos, Ps. 19,560 for Compartamos Financiera and Ps. 5,692 for Compartamos
Guatemala). The yield for GENTERA's portfolio stood at 66.3%.
Interest expense increased by Ps. 53 million, or 24.4%, compared with 2Q15. The increase reflects the effect of the new
reference rate in Mexico and Peru, however this increase is moderate considering that liabilities used to finance the portfolio
rose 16.1% and the reference rate in the case of Mexico has increased over 40% in the past year. Net Interest Margin (NIM) for
the second quarter 2016 reached 56.5%, a smaller figure compared to 58.4% reported in 2Q15, but in similar level to the figure
reported in 1Q16 when it stood at 56.2%.
Provisions for loan losses reached Ps. 713 million during the quarter. This level was Ps. 177 million, or 33.0% higher compared
to 2Q15, in line with the evolution of the portfolio mix which is integrated with different risk profile products. Provisions are in
accordance with CNBV regulations and methodologies, reflecting the level required for each particular product.
NII after provisions rose to Ps. 3,842 million, a 12.1% increase compared to Ps. 3,426 million in 2Q15.
NIM (Net Interest Margin) after provisions (NII after provisions for losses / average yielding assets) for 2Q16 was 47.6%,
compared to 50.5% in 2Q15.
Net Interest margin after provisions / Average Yielding Assets
Commissions and fee income during the quarter increased 9.7% to Ps. 317 million, compared with 2Q15. This line item mainly
reflected: i) late payment fees charged to clients with delinquent loans at Banco Compartamos; ii) fees generated at YASTAS,
ATERNA and INTERMEX; and iii) commissions generated at Compartamos Financiera.
Commissions and fee expenses decreased 11.6%, or Ps. 23 million, to Ps. 175 million compared with 2Q15. This line item
mainly included: i) fees charged by third parties to Banco Compartamos for the use of their networks, as well as ii) fees related to
the operation of YASTAS and INTERMEX.
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The net effect between commissions charged and commissions paid in 2Q16 reached Ps. 142 million, an increase of Ps. 51
million, or 56.0%, compared with the net effect obtained in 2Q15. This was derived mainly from commissions charged to
customers with delinquent accounts and an increase in commissions coming from insurance sales in addition to commissions
charged by INTERMEX.
Trading gains came in at Ps. 5 million during the quarter. This line item represented the FX gains within the 60 INTERMEXBanco Compartamos branches.
Other operating income/losses reached an income of Ps. 163 million. This line item reflected the non-recurring income. For this
2Q16, YASTAS unlocked Ps. 144 million as a result of the Tax Shield related to the cumulated fiscal losses during its first years
of operation.
Operating expenses reached Ps. 2,660 million, a 7.1% increase versus 2Q15 when expenses reached Ps. 2,484 million.
- GENTERA's subsidiaries jointly totaled 20,709 employees, an increase of 4.2% compared with 2Q15, mainly due to the
following:
i) Our Peruvian operation grew 28.2% on a year-on-year basis in terms of the number of employees. This additional sales force
was required to adequately serve the client base and achieve further market penetration at Credito Mujer.
-
Salaries and benefits represented approximately Ps. 1,603 million, or 60.3% of operating expenses.
- During the 2Q16, the Company had 667 service offices in Mexico, 71 in Peru and 39 in Guatemala for a total number of 777
service offices. Together, these service offices represented Ps. 567 million, or 21.3% of operating expenses. The current
number of service offices was 4.2% larger than the 746 service offices that GENTERA had in 2Q15.
- Other strategic initiatives and advisory services, such as: i) the SAP platform and the ERP; ii) the deposit pilot projects, iii)
Yastas among other initiatives jointly represented Ps. 403 million, or 15.1% of operating expenses during 2Q16.
- Marketing Campaigns represented Ps. 87 million, or 3.3% of operating expenses during the second quarter. In this concept is
include the investment associated to the new loyalty program which for this quarter amounted Ps. 48.2 million.
Participation in Net Income from Non-Consolidated Subsidiaries represented a loss during the quarter of Ps. 15 million,
compared with a loss of Ps. 9 million in 2Q15. This line item reflects the contribution of MIMONI, the online-lending company in
which GENTERA is investing.
For the second quarter of 2016, net income was Ps. 1,054 million, an increase of 55.0% compared to the Ps. 680 million
reached in 2Q15. It is important to recall that, as previously mentioned, during this second quarter YASTAS unlocked Ps. 144
million as a result of the Tax Shield related to the cumulated fiscal losses during its first years of operation.
The recurring Net Income for the second quarter of 2016 stood at Ps. 910 million, an increase of 33.8% compared to the figure
reached in 2Q15.
Balance Sheet
Cash and other investments were Ps. 4,300 million during the second quarter of 2016. GENTERA continues to maintain a
conservative cash position that enables it to cover operating expense growth, debt amortizations and expected portfolio growth
for the following month. It is important to note that 46.6% of the cash on the balance sheet corresponded to Banco
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Compartamos, with Ps. 2,002 million held in highly liquid assets. The remainder is held in GENTERA accounts throughout its
various subsidiaries.
Total Loan Portfolio reached Ps. 30,220 million in 2Q16, 18.5% higher than the figure reported in 2Q15. The Loan Portfolio was
distributed as follows: 77.7% at Banco Compartamos; 20.9% at Compartamos Financiera in Peru and 1.4% at Compartamos in
Guatemala.
Credit Quality (Non-Performing Loans / Total Portfolio)
Consolidated non-performing loans reached 3.42% in 2Q16, an improvement compared to 3.83% in 1Q16, and a deterioration
compared to 3.04% in 2Q15 due to a higher participation of different risk profile products in the portfolio. It is important to
mention that Banco Compartamos' policy is to write-off loans that are past due by 180 days or more.
Performance Ratios and Metrics
The 2Q16 coverage ratio was 163.8%, which is in accordance with Mexican financial regulations.
Goodwill amounted to Ps. 900 million and was related to the acquisition of Compartamos Financiera and Intermex, which was
accounted for as an asset.
ROAE/ROAA
During 2Q16, GENTERA reached a return on average equity (ROAE) of 29.5%, compared with 22.6% in 2Q15. Return on
average assets (ROAA) for 2Q16 was 11.2%, compared with 8.7% in 2Q15.
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Other Relevant Information
Shares Outstanding
As of June 30, 2016, total shares outstanding were as follows:
*Shares repurchased with the buy-back program established in 2015 and 2016.
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GENTERA
Consolidated Income Statement
for the period ended June 30, 2016
(in millions of Mexican pesos)
GENTERA
Consolidated Balance Sheet
for the period ended June 30, 2016
(in millions of Mexican pesos)
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?
The following section sets forth the non-audited financial results for the second quarter of 2016 (2Q16) for Banco Compartamos,
S.A. I.B.M. ("Banco Compartamos" or "the Bank"), which is GENTERA's main subsidiary and is located in Mexico. All figures are
expressed in Mexican pesos and are in accordance with the CNBV regulations applicable to credit institutions.
Financial Highlights
Portfolio and Net Income are expressed in millions of Mexican pesos.
*Includes 60 Intermex branches
2Q16 Highlights:
- Total loan portfolio reached Ps. 23,492 million, 14.7% higher when compared with the loan portfolio of microcredit loans
reached in 2Q15.
-
Non-performing loans reached 3.29% in 2Q16, compared with 2.45% in 2Q15.
-
Net income for 2Q16 reached Ps. 823 million, a 27.8% increase versus the Ps. 644 million reported in 2Q15.
-
Capitalization Ratio stood at 29.0%.
-
ROA was 12.0%, compared with 10.7% in 2Q15.
-
ROE was 33.4%, compared with 27.3% in 2Q15.
-
Banco Compartamos concluded the quarter with a total of 667 service offices.
Results of Operations
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Net Interest Income after Provisions (NII after provisions)
Interest income reached Ps. 4,230 million in 2Q16, 12.9% higher compared with 2Q15. When we consider the interest income
generated in the first semester of 2016 it stood at Ps. 8,290 million, 14.7% higher compared with 6M15, in line with the
performance of the portfolio during this period of time.
Cost of funds stood at 4.51% during 2Q16 compared to 3.92% in 2Q15. Interest expenses rose by 23.6% to Ps. 183 million,
compared with Ps. 148 million in 2Q15. This growth was explained by the increase in the reference rate and also due to the fact
that average liabilities used to fund the portfolio in 2Q16 were 10.6% higher compared to average liabilities during 2Q15.
As aforementioned, the cost of funds during 2Q16 was relatively stable considering that the Central Bank raised interest rates by
125 bps during the past seven months. This was possible given the fact that the Bank obtained better credit spreads from the
credit lines used in the past months. As a result, Banco Compartamos reported net interest income of Ps. 4,047 million, 12.4%
higher than in 2Q15.
Provisions for loan losses were Ps. 615 million due to a higher participation of Credito Comerciante; Credito Crece y Mejora and
Credito Individual products in the portfolio during 2Q16, which accounted for 51.0% of the portfolio versus 49.3% in 2Q15.
NII after provisions rose to Ps. 3,432 million, an 8.9% increase compared with Ps. 3,152 million in 2Q15.
Due to the aforementioned, NIM (Net Interest Margin) after provisions (NII after provisions for losses / average yielding assets)
for 2Q16 was 57.1%, compared with 59.3% in 2Q15.
Net Operating Income
- Commissions and fee income reached Ps. 197 million, a 23.9% increase versus 2Q15. This line item was mainly driven by
collection fees and penalties charged to clients with delinquent accounts, representing 53.4% of income, as well as commissions
for sold voluntary life insurance policies, which accounted for 39.8%. The remaining 6.8% was related to other concepts and
fees.
- Commissions and fee expenses totaled Ps. 147 million, an increase of 30.1% compared to 2Q15. This line item mainly
reflected: i) 45.1% collection and disbursement fee costs; ii) 42.8% for alternative locations to pay and withdraw loans from
Banco Compartamos and iii) 12.1% for the free voluntary life insurance coverage included in the Credito Mujer product.
-
Trading gains reached Ps. 9 million during the quarter due to FX gains at the Compartamos-INTERMEX operation.
- Other income/expenses reached a loss of Ps. 12 million. This line item reflected non-recurring income or expenses, which for
the second quarter were primarily driven by expenses for the recovery of delinquent accounts and donations.
- Operating expenses for 2Q16 rose only 3.0% when compared to 2Q15, primarily attributable to new service offices, salaries
and benefits, and the implementation of our strategic initiatives.
Net Income
Banco Compartamos reported net income of Ps. 823 million, which compared to the net income generated in 2Q15, represented
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a 27.8% increase.
Balance Sheet
Cash and other investments increased by 41.6% to Ps. 2,002 million, compared with Ps. 1,414 million for 2Q15. This amount
represented the funds required by Banco Compartamos to cover operating expenses, debt maturities and loan portfolio growth.
During 2Q16, cash and other investments represented 7.2% of total assets, while during 2Q15 this line item represented 5.7% of
total assets. Cash and other investments are placed in short-term instruments where the counterparty risk is approved by the
Board's Risk Committee.
Total Loan Portfolio
Loan Portfolio (Ps. million)
The loan portfolio from microcredit loans reached Ps. 23,492 million, 14.7% higher than the loan portfolio from microcredit loans
of Ps. 20,486 million reported in 2Q15. This growth was due to a higher average outstanding balance per client, and a larger
participation of Credito Comerciante (Merchant Credit) and Credito Crece y Mejora in the portfolio, which have larger average
ticket sizes. Credito Comerciante now has a 16.0% larger customer base compared with 2Q15 (937,463 clients in 2Q16
compared with 808,197 during 2Q15).
The average outstanding balance per client in 2Q16 was Ps. 8,147, which was 6.6% above the Ps. 7,646 reported in 2Q15. This
increase was due to a higher participation of the portfolio represented by Credito Comerciante and Credito Individual (34.5% in
2Q16 compared to 32.0% in 2Q15) loans in the portfolio, both of which have a larger average ticket sizes, as well as from a
larger average outstanding balance per client in the Credito Mujer product.
Loan Products & Credit Quality
The loan products offered by Banco Compartamos are distributed under two main categories (SEE DETAIL ON PAGE 6):
1. Group Lending Methodology: Merchant Credit (Credito Comerciante) and Group Loans (Credito Mujer) represented 73.2% of
the total loan portfolio in 2Q16.
2. Individual Lending Methodology: Improvement Loans (Crece y Mejora), Additional Loans (Crédito Adicional) and Personal
Loans (Credito Individual) represented 26.8% of the total loan portfolio in 2Q16.
During 2Q16, total NPLs reached 3.29%, a deterioration compared to NPLs of 2.45% reported in 2Q15, but an improvement
compared with the level reached in 1Q16 when it stood at 3.78%. Asset quality has been and continues to be the result of strict
credit origination processes and more effective technological use for enhancing controls.
Group Loans (Credito Mujer) continue to be Banco Compartamos' most important product representing 49.0% of the portfolio,
with NPLs of 1.57% versus 1.81% in 1Q16 and 1.28% in 2Q15.
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Banco Compartamos' policy is to write-off past due NPLs of over 180 days. During the second quarter, this figure reached Ps.
657 million or 38.9% more than the figure reached in 2Q15.
For 2Q16, the coverage ratio (allowance for loan losses / non-performing loans) was 161.7% compared with 185.1% in 2Q15.
Allowance for loan losses is based on the methodology established by the CNBV, which requires specific reserve coverage for
each originated loan: Group Loans with a solidarity figure; and a different coverage for Individual Loans. It is important to
highlight that our methodology adheres to the rules that apply for 'Personal Credit' category instead of the 'Consumer Loans, Not
Revolving, Others' category, described previously.
The allowance for loan losses by qualification was distributed as follows:
1) Allowance for loan losses/Non-performing loans.
Classification for allowance for loan losses is in accordance with CNBV regulations (Section V, Article 129, and Paragraph II)
applicable to credit institutions since July 2013 . Allowance for loan losses continued to sufficiently cover non-performing loans.
Other Accounts Receivable and Other Assets
Other accounts receivable reached Ps. 1,189 million in 2Q16, a higher figure compared with Ps. 495 million in 2Q15. Ps. 562
million were comprised of accounts receivable from retailers, such as supermarkets and convenience stores, which collect client
payments at their locations. Total receivables from these alternative payment channels continue demonstrating strong customer
demand due to their convenient locations.
Fixed assets reached Ps. 516 million, below the Ps. 589 million reported in 2Q15. This line represents Furniture & Equipment,
among other concepts.
Other assets reached Ps. 1,732 million in 2Q16, primarily represented by investments in SAP and also deferred taxes.
Total Liabilities
During 2Q16, total liabilities reached Ps. 18,126 million which was Ps. 1,968 million or 12.2% above the Ps. 16,158 million
reported during 2Q15. All of Banco Compartamos' current liabilities are fully peso-denominated; therefore, there is no FX
exposure.
Total Stockholders' Equity
The capitalization ratio was 29.0% compared with 28.2% reported in 2Q15. The current ratio continues reflecting the Bank's
strength in accordance with levels required by Basel III and is well above Mexican banking system standards. Banco
Compartamos reported Ps. 8,499 million in Tier I capital and risk weighted assets of Ps. 29,346 million.
Performance Ratios and Metrics
Return on average equity (ROAE) for 2Q16 was 33.4% compared with 27.3% in 2Q15. Return on average assets (ROAA) for
2Q16 was 12.0% compared with 10.7% in 2Q15.
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Efficiency Ratio 1)
The efficiency ratio for 2Q16 was 66.0%, below the 70.3% reached in 2Q15 and was mainly attributable to Banco Compartamos'
strategic initiatives.
1 Operating expenses / Net operating revenue
Banco Compartamos, S.A., Institución de Banca Múltiple
Income Statement
for the period ended June 30, 2016
(in millions of Mexican pesos)
?
Banco Compartamos, S.A., Institución de Banca Múltiple
Balance Sheet
for the period ended June 30, 2016
(in millions of Mexican pesos)
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Compartamos Financiera (Peru)
The following section sets forth the non-audited financial results for the second quarter of 2016 (2Q16) for Compartamos
Financiera, GENTERA's Peruvian subsidiary. All figures are in Mexican pesos.
Note: It is important to highlight that the analysis and the figures are expressed in accordance with Mexican Generally Accepted
Accounting Principles and CNBV (National Banking and Securities Commission) regulations. These figures are not comparable
to the financial statements submitted to the Peruvian Superintendencia de Banca, Seguros y AFP (Peruvian Banking, Insurance
and Pension Fund Commission).
Financial Highlights
Compartamos Financiera's figures are reported under Mexican GAAP.
Portfolio and Net Income are expressed in Mexican pesos (millions) and with their corresponding FX for the quarter.
Highlights for 2Q16:
-
Total loan portfolio reached Ps. 6,304 million, 32.8% higher compared with 2Q15.
-
Non-performing loans stood at 3.77% in 2Q16, compared with 5.65% in 2Q15.
-
Active clients reached 322,299, a 30.3% increase compared to 2Q15.
o Group Loans (Credito Mujer) currently serves 176,534 clients, 89.6% more clients served than in 2Q15.
-
Compartamos Financiera reached a total of 71 service offices, 12 more offices than in 2Q15.
Results of Operations
Net Interest Income after Provisions
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Interest Income grew 28.8% compared with 2Q15, reaching Ps. 487 million. This increase was slightly below the loan portfolio
growth, which reached 32.8% at the end of the quarter.
Interest expenses increased by 26.8%, to Ps. 84 million versus 2Q15, below the 39.1% growth in liabilities used to fund the
portfolio. This was possible as a result of better terms and conditions in credit lines. In terms of the cost of funds, it stood at
7.2%.
Provisions for loan losses reached Ps. 86 million, a slight decrease of 1.1% compared to Ps. 87 million reached in 2Q15.
Provisions moved in accordance to the risk profile of the portfolio.
Due to the aforementioned, NIM (Net Interest Margin) after provisions (NII / average yielding assets) for 2Q16 was 20.2%,
compared with 18.2% in 2Q15
Compartamos Financiera reached a coverage ratio of 176.5% for 2Q16.
Net Operating Income
-
Net Operating income reached Ps. 48 million, compared with Ps. 43 million in 2Q15.
- Commissions and fee income during 2Q16 reached Ps. 24 million, 12.2% higher than the figure reached in 2Q15, mainly as a
result of penalty fees charged to clients with delinquent accounts and fees obtained from the life insurance policies sold during
the quarter.
- Commissions and fee expenses were Ps. 6 million, a contraction of Ps. 3 million or 32.2%, compared to the number reached
in 2Q15. This figure represented fees paid to funding partners which for this 2Q16 did not have the impact that these fees had in
2Q15. Last year the strategy followed was to prepay credit lines which their interest rate were above a certain threshold, this
strategy originated fees for prepayment. Also the Commission and fee expenses line represent the collection and disbursement
fee costs charged by third parties, and fees for the use of e-banking platform.
-
Other operating income/expenses stood at Ps. 12 million, an increase of Ps. 3 million, 26.8%, compared to 2Q15.
- Operating expenses were Ps. 299 million, 46.8% higher than in 2Q15, due a larger infrastructure at Compartamos
Financiera, 71 service offices in 2Q16 compared with 59 in 2Q15, and a 28.2% larger sales force.
Net Income
Due to the aforementioned, Compartamos Financiera reported net income of Ps. 38 million during 2Q16, a similar figure when
compared with 2Q15 when it stood at Ps. 37 million.
Compartamos Financiera (Peru)
Income Statement
for the period ended June 30, 2016
(in millions of Mexican pesos)
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Compartamos Financiera's figures are reported under Mexican GAAP.
Figures are expressed in Mexican Peso with its corresponding FX.
Source: Banco de Mexico and Banco Central de Peru.
Compartamos Financiera (Peru)
Balance Sheet
for the period ended June 30, 2016
(in millions of Mexican pesos)
Compartamos Financiera's figures are reported under Mexican GAAP
Figures are expressed in Mexican Peso with its corresponding FX
Source: Banco de Mexico and Banco Central de Peru
?
Compartamos, S.A. (Guatemala)
The following section sets forth the non-audited financial results for the second quarter of 2016 (2Q16) for Compartamos S.A.,
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the Company's Guatemalan subsidiary. All figures are expressed in Mexican pesos and are in accordance with Mexican
Accounting Principles and Regulations.
Financial Highlights
Figures are expressed in Mexican pesos with its corresponding FX.
Exchange rate as of June 30, 2016 from Quetzales to USD: 7.6374
Exchange rate as of June 30, 2016 from USD to MXP: 18.465
Portfolio and Net Income are expressed in Mexican pesos (millions) and with their corresponding FX for the quarter.
Source: Banco de Guatemala and Banco de Mexico.
2Q16 Highlights:
-
Total loan portfolio reached Ps. 424.0 million, 54.0% higher when compared with 2Q15.
-
Net Income for 2Q16 stood at Ps. 6.2 million compared with a loss of Ps. 2.6 million in 2Q15.
-
Non-performing loans stood at 5.89% in 2Q16, compared with 1.99% in 2Q15.
-
Active clients reached 74,492, a 16.0% increase compared to 2Q15.
Results of Operations
Net Interest Income
Net Interest Income reached Ps. 92.9 million, an increase of Ps. 41.8 million, or 82.0% higher compared with Ps. 51.1 million in
2Q15. This was the result of solid portfolio growth.
As per previous discussions, a percentage of Compartamos S.A.'s total loan portfolio was provisioned for the prevention of asset
deterioration. In 2Q16, provisions reached Ps. 12.1 million.
Net Operating Income
Commissions and fee expenses, including collections, were Ps. 5.1 million. The increase in this line item had to do with the fact
that during 2Q16 Compartamos Financiera prepaid two credits with the objective of improving the cost of funds of the company;
these prepayment generated penalties fees associated to those payments.
Operating expenses were Ps. 66.6 million, an increase of Ps. 16.7 million, or 33.7% when compared to 2Q15. Operating
expenses were the result of a larger number of service offices, ending the 2Q16 with 39 versus 31 in 2Q15, and a larger sales
force which grew 21.6% compared with 2Q15.
Net Income
Compartamos reported net income of Ps. 6.2 million during the second quarter compared with a loss of Ps. 2.6 million
experienced in 2Q15.
Bolsa Mexicana de Valores S.A.B. de C.V.
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Eventos Relevantes
FECHA: 26/07/2016
Compartamos, S.A. (Guatemala)
Income Statement
For the period ended June 30, 2016
(in millions of Mexican pesos)
Figures are expressed in millions of Mexican pesos with their corresponding FX for the quarter
Bolsa Mexicana de Valores S.A.B. de C.V.
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Eventos Relevantes
FECHA: 26/07/2016
Compartamos, S.A. (Guatemala)
Balance Sheet
For the period ended June 30, 2016
(in millions of Mexican pesos)
Figures are expressed in Mexican pesos (millions) with their corresponding FX for the quarter.
***
About GENTERA
GENTERA, S.A.B. de C.V. (formerly Compartamos, S.A.B. de C.V.) is a holding company whose primary objective is to
promote, organize and manage companies, domestic and international, that are subject to its investment policies. GENTERA
was established in 2010 and is headquartered in Mexico. Its shares began trading on the Mexican Stock Exchange on
December 24, 2010 under the ticker symbol COMPARC*. On January 2, 2014, the ticker symbol was changed to GENTERA*.
Note on Forward-Looking Statements
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and
are based on management's current view and estimates of future economic circumstances, industry conditions, Company
performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as
they relate to the Company, are intended to identify forward-looking statements. Statements regarding the declaration or
payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the
direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples
of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks
and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are
based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating
factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
Bolsa Mexicana de Valores S.A.B. de C.V.
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Eventos Relevantes
FECHA: 26/07/2016
Bolsa Mexicana de Valores S.A.B. de C.V.
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